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Wisdom from the Federal Reserve

So today, Bernanke says that no financial institution, no matter how large, should be let off the hook for its bad decisions.

Does he think we've already forgotten that he and Paulsen were the head cheerleaders that convinced Congress to bailed out the major banks because they were "too big to fail"?

I believe that all the major banks have gotten bigger since Lehman failed. Why were they "too big to fail" in late 2008 but ok now? Could it be that Mr. Bernanke is trying to rustle up some favorable public opinion now that the deed is done?

The Federal Reserve, a semi-private, semi-public operation controlled by the banking industry (including foreign banking interests), is indeed the root of all evil. I think many are coming to finally understand that these people are not your friend, and they are not the U.S.A.'s friend.

Comment

Andy, the games these beaurocratic bastards play have been running the country into ground for decades now. Smile in your face while they slip the knife between your ribs.

Yup. The financial industry has essentially dismantled the United States and sold the parts to China... just like a chop shop strips cars. They have the gold, so they make the rules, and like the mob of old, they own the politicians.

It's not about Gays or Paris Hilton or American Idol. This is one of a handfull of real issues...

The question is, how do we get our country back from these criminals... the country that our parents sweated to build and that some of them died to preserve?

It makes me nauseous to see this happening right in front of us, during our watch.

Comment

So today, Bernanke says that no financial institution, no matter how large, should be let off the hook for its bad decisions.

Does he think we've already forgotten that he and Paulsen were the head cheerleaders that convinced Congress to bailed out the major banks because they were "too big to fail"?

I believe that all the major banks have gotten bigger since Lehman failed. Why were they "too big to fail" in late 2008 but ok now? Could it be that Mr. Bernanke is trying to rustle up some favorable public opinion now that the deed is done?

The Federal Reserve, a semi-private, semi-public operation controlled by the banking industry (including foreign banking interests), is indeed the root of all evil. I think many are coming to finally understand that these people are not your friend, and they are not the U.S.A.'s friend.

When they were saying the banks were to big to fail I was mad. I just could not believe our politicians could be fooled or in in the pockets of bankers that much. My God, the United States of America is not to big to fail. They think a bank is? It just makes me sick. So what do we do? Vote for Ron Paul?

When they were saying the banks were to big to fail I was mad. I just could not believe our politicians could be fooled or in in the pockets of bankers that much. My God, the United States of America is not to big to fail. They think a bank is? It just makes me sick. So what do we do? Vote for Ron Paul?

I am very glad when I hear that others also are mad about all this. I've met a lot of folks, believe it or not, that buy into the baloney we've been fed. "Oh we have to do everything possible to maintain the financial system... or the country will collapse!". It's all BS. The bailout money DID NOT go into lending to businesses. The banks DID NOT modify mortgages. They took taxpayer dollars and used them in many cases to strengthen their portfolios. They got busted handing out bonuses that you or I could RETIRE on, and then explained it all away. And people bought it!

The most serious problem that the financial industry is directly involved in is the relentless loss of industry and funnelling of American wealth into foreign countries. We MUST understand that these people have NO allegiance to you, me or America. When (not "if", the way things are going) we go down the tubes, it doesn't matter to them because "they" will have extracted their hundreds of millions. "They" know the score and will be holding their fortune in commodities like metals and ownership of foreign companies. You, me and our kids will die a painful death. They will vacation in Monaco. It's not "going to happen". It IS happening.

This is simply what the financial industry does. America's economic, technological and military strength did not happen by the luck or birthright. The USA was BUILT by people that had the drive, skill, smarts and sweat to BUILD it. The financial industry doesn't BUILD industry. They BUILD fortunes for themselves. Their job is to extract money from what others built, and they do it very well. THis all starte in the late 70's when financial people bought up companies, dismantled them and sold them off to make a quick profit. The game has gotten more sophisticated since then. Unfortunately when you drain all the blood out, the patient dies.

Yes, vote out incumbents. Write to congress, write to newspapers... make a stink. Be a pain in the arse. Reject slick talk and political rhetoric. Generalities about change and job creation are all BS. Please don't fall for it. We need people with real plans, plans that address the real problems. There aren't many people there that fill this bill... but if we keep tossing out the sound-bite politicians, eventually we may see some REAL Americans.

Don't carry credit card balances. Put your money in credit unions, not major banks. Make the banks hurt, for God's sake, let's not keep lining their pockets. The Federal reserve is giving money to the banks at zero interest... which is why your savings account earns essentially NOTHING. Yet the banks nick you for interest and fees like crazy. Where exactly is the financial reform we all were promised? What has been proposed is token at best and doesn't really help you at all.

Look for a choice and when you have it, BUY AMERICAN. You will pay more. In the end it will be the most cost-effective thing you can do.

When your purchasing choice doesn't include an American option, consider NOT BUYING ANYTHING. Most of the crap we Americans buy, we really don't NEED. You can't be stupid about it, though... if you need a tool to earn your living and all the options are foreign, then you have to give them some money. I don't see that as the problem. The problem is the buy-buy-buy-everything-in-sight mentality, with much of your money going to China.

SAVE SAVE SAVE. The government tells us to spend to stimulate the economy. BULL&*(^. Your spending fuels growth in China. Only a fraction of the money you spend stays here and it does NOTHING to build American industry. That means it does nothing to create JOBS. The big winners are the people that are profiting from foreign products. Of course they want you to spend. Wise up, JUST SAY NO! Buy only what you REALLY NEED. I would say that at least HALF of the made-elsewhere crap we buy we could do without AND NOT EVEN MISS.

I would rather buy a Honda made in a US plant than a buy from an "American" company like Apple that makes everything overseas. Screw 'em, after all, that's what they're doing to us. Apple makes good products, but they are IMO, IRRESPONSIBLE... charging premium prices, exploiting the US market, but everything comes from Foxconn in China??? NO! I don't need an ipod, ipad or iphone. Find a way to make it in the United States, and I'll buy all of it, and buy it for my kids, too.

Consider buying Government securities. They don't pay well, so you likely can't afford to put too much in this. But everyone should buy some, in my view. I know, I know... the government is corrupt and incompetent... why support them? Well, if we don't find a way to pay the debt, the Government will CONTINUE TO SELL securities to China. I do NOT want the mortgage on the US to be held by Communist China, do you? Besides, the reality is that the bulk of the budget problem is due to Social Security, Medicare, and National Defense. Someone has to step up. We are in a war, an economic war. Consider it to be like buying war bonds.

I could go on and on. All little things. If we ALL did ALL THE LITTLE THINGS we can think of, it WILL make a difference. If we continue to cry in our beer about how dismal things are, but stop at Wal Mart on the way home, and vote for slick politicians that spend a fortune (provided by special interests out to screw you) then the USA is going to go down in history as a noble but failed experiment.

We need to be smart enough and tough enough to not let that happen.

Comment

Andy M you brought up a point I have questioned for a while now. It seems over the holidays the media will talk about how spending is down so much from the year before or higher than the year before. I've always thought those numbers were only important to the stores ie. walmart and target and china. Very good post Andy.